In future a final decision on a major public capital project will only be given by the Government when the tendered cost is known and figures are available for all associated risks, Minister for Public ExpenditureThe Minister on Wednesday launched an updated public spending code which takes into account lessons learned from the major overrun on the new national children’s hospital.
The revised public spending code will provide for additional assessment phases of projects. This is aimed at allowing more opportunity for risks to be identified and presented to the Government or individual departments. There will also be a preliminary business case phase which the Minister said would look at all of the key costs and consider the economic impact of the project and not just the financial risks.
Mr Donohoe said the updated spending code was going to be needed in the future as the Government had to deal with both cost inflation in the construction sector and with a number of exceptional, costly and complex projects particularly in the transport and climate changes areas.
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